London court to decide who controls $1 billion of Venezuelan gold

Bloomberg News | July 13, 2022 | 

Venezuelan gold bars. File image.

A London court is finally set to decide who controls more than $1 billion of Venezuelan gold stored in the Bank of England’s vaults.


Opposition leader Juan Guaido, who’s won a series of legal clashes in the UK, is pushing for a judge to assert his right to control the bullion, saying London courts can disregard decisions taken by Venezuelan judges. The trial comes after the British government recognized Guaido as the Venezuelan president.

Maduro’s lawyers meanwhile say the judge needs to take into account the rulings from Venezuelan courts regarding Guaido’s appointments to the nation’s central bank, saying she “should not sit in judgment on what a foreign court has decided.”

The long-running London litigation has been one of the few bright spots for Guaido, who’s seen his support falter as President Maduro continues to hold on to power. His lawyers said Wednesday the Venezuelan courts demonstrated “systemic partiality and lack of independence.”

Maduro’s attorneys insisted that if the London court recognized Venezuelan decisions, the gold reserves can be used to assist with the nation’s Covid-19 relief efforts. Guaido’s camp claimed it will be used for future generations of Venezuelans.

The ruling is expected after a hearing that’s set to run four days.

(By Olivia Fletcher)